Northrim BanCorp Reports Strong Financial Results for Second Quarter of 2024
Northrim BanCorp, Inc., the parent company of Northrim Bank, has announced robust financial results for the second quarter of 2024. The company reported a net income of USD9.0m, or USD1.62 per diluted share, a significant increase from the second quarter of 2023. Total assets reached USD2.82bn, a 7.0 percent increase from a year ago, with a loan-to-deposit ratio of 76.0 percent at June 30, 2024. Portfolio loans, excluding consumer mortgage loans, were USD1.65bn, up 10.0 percent from a year ago. Alaskans account for substantially all of Northrim's deposit base, with total deposits reaching USD2.46bn at June 30, 2024.
Key Takeaways:
- Northrim BanCorp reported net income of USD9.0m, or USD1.62 per diluted share, for the second quarter of 2024.
- The company's total assets reached USD2.82bn at June 30, 2024, a 7.0 percent increase from a year ago.
- The loan-to-deposit ratio was 76.0 percent at June 30, 2024, up from 74.0 percent at March 31, 2024.
- Portfolio loans, excluding consumer mortgage loans, reached USD1.65bn at June 30, 2024, a 10.0 percent increase from a year ago.
- Northrim's total deposits were USD2.46bn at June 30, 2024, a 7.0 percent increase from a year ago.
- Alaskans account for substantially all of Northrim's deposit base.
- Northrim BanCorp has 20 branches across Alaska, an asset-based lending division in Washington, and a wholly-owned mortgage brokerage company.
Statistics:
- Net income: USD9.0m
- Diluted earnings per share: USD1.62
- Total assets: USD2.82bn
- Loan-to-deposit ratio: 76.0 percent
- Portfolio loans (excluding consumer mortgage loans): USD1.65bn
- Total deposits: USD2.46bn
- Branches: 20
- Asset-based lending division: 1 (Washington)
Sources:
- Northrim BanCorp, Inc. (NASDAQ: NRIM)
- Northrim BanCorp press release, July 29, 2024 (available at [www.northrimbank.com](http://www.northrimbank.com))